"Not only does this include the launch of our RIO product, but also the increase of the upper age lending limit to 90 years old."
Club members will now be able to access the Newbury’s range of mortgage products for later life customers including its retirement interest-only product.
Newbury’s RIO mortgage is a five-year discount, currently available at 3.45% up to 50% LTV.
The RIO can be used for purchasing or remortgaging the client’s residential home and comes with a minimum loan size of £50,000 and minimum property value of £125,000 to secure the RIO.
The Newbury also offers its full residential and buy-to-let mortgage range to borrowers up to aged 90.
Gary Little, commercial director at AIR Group, commented: “There’s no doubt that the mutual sector continues to embrace the later life lending market, in particular offering RIO products which might be suitable for clients coming to the end of their residential mortgage, and who have the income to continue paying interest into their retirement.
"At the Equity Release Club we want to ensure that all our members have access to the wide range of providers and products that make up the later life market, and adding the Newbury Building Society to our retirement lending panel broadens our offering in this area. Increasingly, we’re seeing growing demand for later life lending, whether that be RIOs or equity release, and it’s highly important that advisers are able to recommend from across the wide range of product options available.
"We are looking forward to working with the Newbury and ensuring its proposition and adviser services connect with our member firms.”
Karen Smith, sales manager at Newbury Building Society, added: “As a mutual building society, we listened to our members and broker contacts who expressed a need for a RIO mortgage and further accessibility to our standard residential mortgage book.
"People are living for longer and therefore, as a lender, it is our responsibility to ensure we are offering the right products at the right time. In addition, we need to ensure we arm our intermediaries with the best possible tools to help them reach their client’s goal.
"Not only does this include the launch of our RIO product, but also the increase of the upper age lending limit to 90 years old. We look forward to working with the Equity Release Club’s retirement lending panel over the coming months.”
